Bitcoin, which rose above $70,000 yesterday evening, could not hold on to this region once again and fell below $68,000 this morning. Bitcoin, which reached 72 thousand dollars last week before the non-farm employment data announced in the US, but fell to 68 thousand after the figures came out, was not successful in yesterday’s upward attempt.

Inflation will be decisive

Tomorrow will be important for the direction of the Bitcoin price. Although the Fed will announce its interest rate decision, the markets have no expectations for a rate cut. What will be important tomorrow is the inflation rate. Expectations are for an annual inflation rate of 3.3%, but an upward inflation rate could deepen the decline in the Bitcoin price.

But if inflation comes in lower than expected and Fed chair Powell gives a positive speech, then the biggest cryptocurrency could break above the levels it has been unable to break through.

The rally in ETFs is over

The decline in Bitcoin seems to be reflected in the spot ETF market. Bitcoin spot ETFs in the US closed yesterday’s trading day 65 million dollars negative. With this figure, the 19-day positive rally came to an end.

Ted Pick, CEO of Morgan Stanley, one of the largest banks in the US, said yesterday that it is actually good for business if the Fed keeps interest rates as high as it can.

Interest rates in the US are currently at 5.25%-5.50%, the highest level in 23 years. Expectations are for the first rate cut to come in September at the earliest…